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Done < Ch. 1-Ouiz Help Save & Ext Submit 5 Required information The following information applies to the questions displayed below.) On October 1, Ebony Enst organized Ernst Consulting; on October 3, the owner contributed $83,540 in assets in exchange for its common stock to launch the business.On October 31, the companys records show the following items and amounts 14.28 12,50 Cash dividends Office supplies office equipment Using the above information prepare an October 3t balance sheet for Ernst Consulting Prev Of 7 Next >
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Ernst consulting Income statement for month ended October 31 Revenues: Consulting revenue 12,800 Expenses Rent expense Salari

Ernst Consulting Statement of owners equity for month ended october 31 E. Ernst, Capital, October 1 Add: Investment by owner (Stock) Net income (from income statement) 83,540 1.690 85,230 Less Cash dividends 1.,5/0 E. Ernst, Capital, October3:1 $ 83,660

Balance Sheet:

Ernst Consulting Balance Sheet October 31 Liabilities Cash Account receivable Office supplies Land Office equipment $12,650 Accounts payable S8,110 12,800j 2,850 45,940 Owners Equity 17,530 E. Ernst, Capital 83,660 (From statementof equity) TotalAssets S91,770 TotalLiabilities and $91,770 equity

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